Epic Recession Prelude to Global Depression

With the US still reliant on regular liquidity injections and government bail-outs, an quick end to the economic crisis seems increasingly remote. InEpic Recession And Financial Crisis,Jack Rasmus argues that we need a new way of understanding the crisis if things are to improve.Rasmus interrogates US economic history to show that the current predicament is what he terms an "Epic Recession," neither a full-blown depression or a short-lived period of contraction followed by a swift return to growth. He then shows that the only way to prevent the onset of depression is to radically restructure the economy through a massive job creation program, nationalizations, a fundamentally new kind of banking structure and a long-term redistribution of income through better healthcare and benefit systems.Epic Recession And Financial Crisisprovides a rallying point for trade unionists and concerned citizens who want to ensure that any recovery is felt further than Wall street.

Jack Rasmus is Professor of Economics and Political Economy at Santa Clara University and st. Marys College. He is a freelance journalist and author of the War at Home: The Corporate Offensive from Ronald Reagan to George W. Bush (2006). He has been a business ecotiomist, market analyst National Vice-President of the National Wnters Union, and an elected President for various labor unions.